Petrodollars

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Petrodollars

Deposits by countries that receive dollar revenues from the sale of petroleum to other countries; the term commonly refers to OPEC deposits of dollars in the Eurocurrency market.

Petrodollars

Revenue that state-owned and state-influenced oil companies derive from the sale of oil. In several Middle Eastern countries, petrodollars are the predominant source of government revenue. They are available for investment and are often traded on the eurocurrency market and/or are used for development purposes. For example, Bahrain used petrodollars in the 1970s and 1980s to finance improvements in its industrial capacity. See also: OPEC, Sovereign Wealth Fund.

petrodollars

The funds that are controlled by oil-exporting countries and have been used to pay for oil imports. Petrodollars are a huge pool of funds available for investment and the purchase of goods and services. Although stated in terms of dollars, the term generally refers to all currencies.
References in periodicals archive ?
95 as investors searched for a non-Arabian petrocurrency and Britain, being an exporter of oil, made it a good choice.
The US trades five times more with Colombia than Russia and Bogota is now a petrocurrency power and as the FARC rebels are doomed.
95 as investors searched for a non- Arabian petrocurrency and Britain, being an exporter of oil, made it a good choice.
By 1988 -- the year President Reagan dared Gorbachev to tear down the Berlin Wall -- the USSR was a petrocurrency power, with oil almost 50 per cent of Soviet exports.